Zilch, a buy now, pay later (BNPL) company, has raised $110 million in a Series C investment headed by Ventura Capital and Gauss Ventures. Meanwhile, the firm’s value has risen from $500 million to $2 billion, indicating that the BNPL craze isn’t going anywhere anytime soon.
Last month, Billie, a Berlin-based BNPL focused on B2B payments, secured a $100 million Series C headed by Dawn Capital, with Chinese internet behemoth Tencent and BNPL leader Klarna.
Zilch intends to grow into the United States, building out of its Miami headquarters, following in the footsteps of the Swedish behemoth.
Zilch stands out among BNPLs since it was one of the first in the industry to be awarded a consumer credit license by the FCA, the UK’s financial regulator. Its solution is also unique because it enables users to pay at any Mastercard-accepting retailer instead of using integrated checkout alternatives. It is hoped that this would distinguish them from the rest of the BNPL group.
Zilch founder and CEO Philip Belamant stated, “I’m not saying they’re bad businesses but they’re just copycats. Our view was, you can’t come late to the party and just do something exactly the same way.”